73 Excluded property etc
Finance Act 2020 (2020 c 14) | Legislation

Part 3 Other Taxes

Inheritance tax

73  Excluded property etc

(1)     IHTA 1984 is amended as follows.

(2)     In section 48 (excluded property)—

(a)     in subsection (3)(a), for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (3F))”,

(b)     in subsection (3A)(a), for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (3F))”,

(c)     in subsection (3E), for “settlement is made” substitute “property became comprised in the settlement (but see also subsection (3F))”, and

(d)     after subsection (3E) insert—

“(3F)     If—

(a)     an amount is payable in respect of property (“the existing property”) comprised in a settlement, and

(b)     the amount represents an accumulation of income which (once accumulated) becomes comprised in the settlement,

subsections (3)(a), (3A)(a) and (3E) have effect, in the case of the amount, as if any reference to the time it became comprised

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